What Happens In The Lease-Assumption Process?
GM Financial’s lease assumption program helps facilitate a lease takeover from one party to another.
Lease assumptions must meet the following requirements:
- Original and assuming lessees must reside in the same state
- Not attempting to transfer lease from a commercial to a non-commercial account, or vice versa
- Lease is not in the first six months or the last 12 months of the contract end date
- Assuming lessee must meet all of GM Financial’s underwriting and credit guidelines
- The account is current on payments and will remain current through the lease-assumption process
- If a lease is contracted under multiple parties, they lease can be assumed by new lessees as long as all parties agree and sign third-party authorization forms and the new contract.